PTM Biolabs, a Chinese firm that develops proteomics technology to help diagnose and treat human diseases, has raised 530 million yuan ($80 million) in a Series B round of financing led by Beijing-based investment firm IDG Capital, per its announcement.
Chinese venture capital firm Fortune Capital, healthcare-focused dual-currency investor Highlight Capital, and SDIC Venture Capital, a state-owned investment firm that currently manages 14 billion yuan ($2.1 billion) across four vehicles, participated in the Series B round.
Hangzhou-based PTM Biolab was founded in 2010 to develop and use advanced proteomics technology to examine profiles of proteins, histone epigenetic marks, and protein post-translational modifications.
Through the discovery of therapeutic targets, identification of predictive biomarkers, and biomarker-guided drug discovery, it aims to make precision medicine a reality.
Apart from its presence in China, PTM Biolabs also runs an affiliate in Chicago, the US.
The proceeds from the Series B round will further promote the development of PTM Biolabs’ new business line, market expansion, as well as talent recruitment and training.
Upon the completion of the new round, PTM Biolabs has closed two funding rounds at a combined 660 million yuan ($99.8 million) in less than one year, according to Jack Chen Zhongyi, the company CEO.
“The new transaction will provide a strong support to our continuous investment in the proteomics-driven precision medicine field,” said Chen.
The firm raised a Series A round led by SDIC Venture Capital in November 2019. BioTrack Capital, which focuses on healthcare startups in China, also invested in the previous round.